Incheon International Airport Corp. has begun the process of selecting its 11th chief executive, ending months of inaction at the state-run operator, which has gone without a permanent leader for seven months. The search had been delayed as the company struggled to replace non-standing directors whose terms had expired, but the selection is now expected to accelerate following a recent board reshuffle and the formation of an executive recommendation committee.
The corporation issued a public notice on the 9th announcing the open recruitment for its 11th CEO.
The company had operated with its existing board for an extended period as replacements for outgoing non-standing directors were delayed. The board reshuffle was completed recently with the appointment of five new non-standing directors — Jung An-soo, Cho Sung-hwan, Kim Hee-cheon, Yoon Yong and Chang In-sik — clearing the way for the executive recommendation committee to be formed. The board, the corporation's top decision-making body, consists of five standing directors and seven non-standing directors.
The committee, made up of the corporation's non-standing directors and outside experts, will screen applicants through document reviews and interviews. It will then narrow the field to three to five times the number of positions and recommend the candidates to the Public Institution Management Committee under the Ministry of Finance and Economy. The president makes the final appointment after a vetting process. The CEO serves a three-year term and can be reappointed in one-year increments based on performance.
Incheon International Airport Corp. has been run by an acting chief for seven months since former CEO Lee Hahn-koo stepped down in February before completing his term. The corporation expects a new chief executive to take office in the second half of this year if the selection process proceeds without delays.
